Types of Construction Contracts

There are several types of construction contracts, including:

1. Lump sum contract: a fixed price contract where the contractor agrees to complete all work for a specified amount.
2. Unit price contract: a contract where the total cost is based on the unit price of each item or element of work.
3. Cost plus contract: a contract where the contractor is reimbursed for all actual costs plus a fee for profit.
4. Time and materials contract: a contract where the contractor is paid for the actual time and materials used in the construction process.
5. Design-build contract: a contract where a single entity is responsible for both the design and construction of the project.
6. Guaranteed maximum price contract: a contract where the contractor agrees to complete the work for a guaranteed maximum price.
7. Turnkey contract: a contract where the contractor is responsible for providing a complete and operational facility or project.
8. Management contract: a contract where the contractor provides management services for the construction project.

These are the most common types of construction contracts, but there can be variations or combinations of these types depending on the specific project and requirements.